ArcelorMittal buys UK business for undisclosed sum
ArcelorMittal, the world's largest steelmaker, said on Tuesday it agreed to buy steel distributor NSD Ltd for an undisclosed sum to boost its market share in Britain.
By Agencies |
LONDON: ArcelorMittal, the world's largest steelmaker, said on Tuesday it agreed to buy steel distributor NSD Ltd for an undisclosed sum to boost its market share in Britain.
NSD, based in Scunthorpe, northern England, had revenue of euro89 million ($130.5 million) in the last financial year.
``NSD has a long and successful history of supplying both steel stockholders and fabricators and will form an essential link with all ArcelorMittal supply units,'' the company said. ``ArcelorMittal can offer the complete steel solution and aims to take the leading role in the UK market.''
The company, formed by the merger of Arcelor SA and Mittal Steel Co., has been making acquisitions to boost its global presence.
ArcelorMittal shares dipped 3.5 percent to euro47.57 ($69.73) in Paris.
NSD, based in Scunthorpe, northern England, had revenue of euro89 million ($130.5 million) in the last financial year.
``NSD has a long and successful history of supplying both steel stockholders and fabricators and will form an essential link with all ArcelorMittal supply units,'' the company said. ``ArcelorMittal can offer the complete steel solution and aims to take the leading role in the UK market.''
The company, formed by the merger of Arcelor SA and Mittal Steel Co., has been making acquisitions to boost its global presence.
ArcelorMittal shares dipped 3.5 percent to euro47.57 ($69.73) in Paris.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
